HB0675/SB0542 (Re Trusts and Guardianships) enacted as pc0197
HB0676/SB0699 (Re Trusts and Disclaimers) enacted as pc0340
HB0190/SB0174 (Re Executor’s Oath) enacted as pc0332
What follows is my summary of the Tennessee trust and estate bills from the current legislative session and the laws from the previous legislative session as presented to the Trust and Estate section of the Memphis Bar Association on April 24, 2019.
The copies of the two most significant bills that have passed both houses with my annotations can be found here (my summary is below): SA0339 SB0542 Continue reading Tennessee Trust and Estate Law Legislative Update (April 2019)
Arkansas, Mississippi and Tennessee have each adopted the Uniform Trust Code (or some form of it).
One of the many things that the Trust Code has enabled practitioners to do is to change or perhaps simply “freshen” an old irrevocable trust. With the Death Tax exemptions being so high, many of these old trusts are no longer needed—at least not for their original purpose. Some of these changes require judicial approval, but many do not.
Modify to Achieve Income Tax Savings. Lets take that old trust set up under Dad’s Will to use his tax exemption for Mom (still living). Maybe Mom’s estate is not going to incur death taxes even if you took Dad’s trust into account. Maybe the trust holds assets with low tax basis.
Continue reading Teaching that Old Trust New Tricks: Modifying, Amending or Terminating an Irrevocable Trust